The parent company of Google, Alphabet Increported quarterly sales on Tuesday below analyst estimates, amid falling advertiser spending due to a slowing economy.
The negative results reinforced concerns in Wall Street that inflation will continue to hurt advertising spending.
Last week, rival Snap Inc’s slower rate of revenue growth sparked fears about inflation across the tech sector and temporarily wiped out nearly $40 billion in market capitalization.
The actions of Alphabet they fell 5.8% after the session closed.
advertising revenue from Google They were $54.48 billion in the third quarter, compared with $53.13 billion a year ago, but fell short of analyst expectations.
We are working to realign resources to drive our highest growth priorities,” Ruth Porat, Alphabet’s chief financial officer, said in a statement.
The company said total revenue was $69.09 billion in the quarter ended September 30, compared with $65.12 billion a year earlier.
Analysts on average had expected revenue to be $70.58 million, according to Refinitiv data.
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